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OTTAWA - Ottawa has given its blessing to the sale of properties
# O: r7 p2 C7 h. P* R5 |owned by Athabasca Oil Sands Corp. to a Chinese company.$ C9 o" g- M1 I% C
Federal Industry Minister Tony Clement says he has reviewed the* o8 m. ~3 Y( U3 N+ N
deal between Athabasca and PetroChina International Investment Co.3 U) C+ J/ p" o: n w( s6 N" p
Ltd. and finds its is likely to be of net benefit to Canada.
& q, ^4 R4 c' i5 N Clement says PetroChina and its parent, PetroChina Co. Ltd., have
' |' U7 r1 B9 F& M" | w! W* kmade a number of significant commitments should they be allowed to2 K* b. i* W2 S% c' l: C1 U
acquire control of the MacKay and Dover oil sands projects.
/ A- i! i* `3 |0 { Among other things, the Chinese concerns have agreed to capital
1 X! E/ b5 n, lexpenditures in excess of $250 million for developing the properties
3 r" \- A6 P' p8 f1 ^ ?over the next three years.2 X/ l6 {3 m" G2 l3 C! L
They have also pledged to increase employment levels in Canada as
; }# I- ]' j U3 ^they develop the projects over the next three years and to maintain
$ c4 U& U b2 jan Alberta head office for operating companies associated with the. A' ?% c* |; x# B. t! L
projects for the next five years.8 h' F3 g% T) A+ d M0 G
(The Canadian Press) |
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